summaries of annual reports, and often offering copies of annual reports
and accounts.
23. Media of financial advertising
Choice of media will depend on the target audience. Building societies
appeal to small savers and therefore use the mass media of the popular
press and television. The big national banks with branches everywhere also
use the national press and television. Investment advertising will appear
in the middle-class and business press. Prospectuses for share issues,
which usually occupy two or more pages, appear in newspapers like The Times
and Financial Times. Banks may take stands at exhibitions. They also
produce sales literature about their services, as do insurance companies
especially in the way of proposal forms.
24. Special characteristics
Financial advertising in the press, and especially the business press,
tends to occupy large spaces and contain detailed information necessary to
explain schemes and achieve confidence. The emphasis is generally on
benefits which are usually represented by figures such as interest rates
and returns on investments. Profit, benefits, security, confidence,
credibility and reputation are the keynotes of the copy appeals.
Recruitment advertising
25. Introduction
This form of advertising aims to recruit staff (including personnel for the
police, armed forces and other services) and may consist of run-on
classified advertisements or displayed classified, although other media
such as radio and television are sometimes used.
26. Different kinds
Recruitment advertising is mainly of two kinds, that inserted by employers
whether identified or using box numbers, and that placed by employment or
recruitment agencies which have been commissioned to fill vacancies.
27. Media of recruitment advertising
Except for the occasional recruitment advertisement on radio and
television, the media are mainly made up of the following categories of
press.
(a) National newspapers. Different newspapers appeal to different target
groups, e.g. the managerial advertisements in the Daily Telegraph and
Sunday Times and the teacher advertisements in the weekly education feature
in the Guardian and the Independent.
(b) Trade, technical and professional journals. These are the more obvious
market-places for recruitment advertising addressed to those with special
skills, qualifications and experience.
(c) Regional press. Local dailies and weeklies are used to advertise jobs
offered by local employers.
(d) Free publications. A number of freely distributed publications gain
their revenue chiefly from recruitment advertising, e.g. those which are
distributed in the street to office workers such as secretaries.
Recruitment advertising is also featured in the free newspapers delivered
weekly to homes.
28. Special characteristics
The art of recruitment advertising is to attract the largest number of
worthwhile applications at the lowest possible cost. The advantage of using
a recruitment or selection agency is that applications can be obtained
discreetly and they can be screened to provide employers with a short list
of the best candidates. Two skills have to be applied. The advertisements
must be so worded that they both sell the job and attract the best
applicants, while correct choice of media will bring the vacancy to the
notice of the largest number of good applicants as economically as
possible.
The Higher Purpose of Marketing
What is the higher purpose of marketing? What should an enlightened
marketer try to accomplish?
This question is raised because managers sometimes lose sight of their
ultimate goals and settle for short-term gains of dubious benefit to
themselves and others. When they lose a sense of higher purpose, their work
becomes unsatisfying and their attitude cynical.
The most common view is that the marketer's goal is to maximize the
market's consumption of whatever the company is producing. In this view,
the marketer is a technician who engineers sales gains. Marketing success
means selling more and more gum, cars, and ice cream bars as if the
consumer were a huge consumption machine that must constantly be stuffed
with goods and services. Even if consumers don't want this much
consumption, it is good for the economy and creates jobs. Yet Adam Smith
observed that hunger is limited by the size of the human stomach. More
generally, people will eventually run out of time to consume all that they
could buy. They may rebel against overeating and overdressing, and start
thinking "enough is enough" or even "less is more." Frederick Pohl wrote a
science-fiction short story, "The Midas Touch," in which factories are
completely automated and the goods roll out continuously and people consume
as much as they can in order not to be buried under the goods. In the
story, ordinary people are given high consumption quotas, while the elite
are excused from having to consume so much. Furthermore, the elite are
given the few jobs that are still left to do, so that they don't have to
face the bleakness of no work.
A sounder goal for the marketer is to aim to maximize consumer
satisfaction. The marketer's task is to track changing consumer wants and
influence the company to adjust its mix of goods and services to those that
are needed. The marketer makes sure that the company continues to produce
value for the target customer markets.
Even consumer satisfaction, however, is not a complete goal for the
marketer. The act of creating "goods" to satisfy human desires also creates
some "bads" in the process. Every car that is produced satisfies a
transportation need and at the same time contributes to the level of
pollution in society. The economist Kenneth Arrow noted that high gross
national product also means high gross national pollution. The sensitive
marketer has to take responsibility for the totality of outputs created by
the business. First, the marketer is a member of the public and therefore
victimizing himself to some extent. Second, the society has spawned
consumerists, environmentalists, and other public-action groups, who make
life difficult for those firms that are indifferent to the "bads" they
create in the process of pursuing profits.
Ultimately, the enlightened marketer is really trying to contribute to the
quality of life. The quality of life is a function of the quantity and need-
satisfying quality of goods and services, the quality of the physical
environment, and the quality of the cultural environment. Too often the
firm rests its case on its ability to produce great quantities of goods and
services and does not pay enough attention to its impact on the other
components of life quality.
Marketing
Marketing is the cornerstone discipline of some of the most successful
companies in America and a discipline of growing interest to companies and
nonprofit organizations throughout the world. All organizations face the
problem of how to increase value for target markets that are undergoing
continuously changing needs and wants. Organizations must thoughtfully
define their products, services, prices, communications, and distribution
in a way that meets real buyer needs in a competitively viable way. That is
the task of marketing.
Although selling is a very old subject, marketing is a relatively new
subject. It represents a higher-order integration of many separate
functions - selling, advertising, marketing research, new-product
development, customer service, physical distribution - that impinge on
customer needs and satisfaction. Many organizations at first resist
marketing because it threatens vested interests within the organization and
their own concepts of how to manage the organization effectively. Marketing
gradually gets established, however, first as a promotion function, later
as a customer service function, still later as an innovation function, then
as a market positioning function, and ultimately as an analysis, planning,
and control function. Few companies understand and install marketing in its
full form when first considering it. Even after marketing is effectively
implemented in an organization, there is a tendency for many managers to
forget its main principles in the wake of success.
Marketing's task in the organization is not only to help it recognize
business opportunities and serve the various publics but also to harness
the organization's energy to enhance the quality of life in society.
Marketing is human activity directed at satisfying needs and wants through
exchange processes.
Human Needs and Wants
The starting point for the discipline of marketing lies in human needs and
wants. Mankind needs food, air, water, clothing, and shelter to survive.
Beyond this, people have a strong desire for recreation, education, and
other services. They have strong preferences for particular versions of
basic goods and services.
There is no doubt that people's needs and wants today are staggering. In
one year, in the United States alone, Americans purchased 67 billion eggs,
250 million chickens, 5.5 million hair dryers, 133 billion domestic air
travel passenger miles, and over 20 million, lectures by college English
professors. These consumer goods and services led to a derived demand for
more fundamental products, such as 150 million tons of steel and 3.7
billion pounds of cotton. These are a few of the wants and needs that get
expressed in a $1.3 trillion economy.
A useful distinction can be drawn between needs, wants, and intentions,
although these words are used interchangeably in common speech. A need is a
state of felt deprivation of some generic satisfaction arising out of the
human condition. People require food, clothing, shelter, safety, belonging,
esteem, and a few other things for survival. People actually need very
little. These needs are not created by their society or by marketers; they
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